Canadian Emergency Business Account

On Oct 26th, 2020 CEBA 4.0 became effective allowing people operating a business from a personal account, to apply for a CEBA Loan. Previously the rules stipulated that a business account was required prior to March 1, 2020. 

As of December 9, 2020 CEBA 5.0 became available and CEBA applicants can now receive a $60,000 loan, or if you are a CEBA applicant who have received the $40,000 CEBA loan, you may apply for the CEBA expansion, which provides eligible businesses with an additional $20,000 of financing.

How does the CEBA work?

The Canada Emergency Business Account will be funded as an interest-free Term Loan for up to $60,000.

  • No interest will apply until January 19, 2024.
  • Up to $20,000 of the Term Loan will be forgiven if the balance is fully paid on or before January 18, 2024.
  • Loan forgiveness for the CEBA program is granted by the Government of Canada, and will follow the terms as outlined in their formal CEBA program. Terms may be available for review on the CEBA website at: In accordance, if you have repaid at least $40,000 of the Loan Amount on or prior to the Initial Term Date, the Lender will forgive the remaining balance of the Loan Amount as of the Initial Term Date provided that an Event of Default has not occurred.  

Your CEBA Loan Repayment Deadline

As recently announced by the Government of Canada, we are informing you of the following changes to your CEBA loan under the CEBA program:

  • The deadline to repay the outstanding balance of your CEBA loan (other than the amount available to be forgiven) in order to qualify for partial loan forgiveness is extended to January 18, 2024;
  • The start date for interest on your CEBA loan to commence is extended to January 19, 2024 and the outstanding balance of your CEBA loan will now be subject to an interest rate of 5% per annum beginning on January 19, 2024 and continuing until your CEBA loan is repaid in full;
  • If you have an outstanding balance on your CEBA loan as of January 19, 2024, you will no longer qualify for partial loan forgiveness unless you have applied for refinancing through us on or before January 18, 2024, in which case you can still qualify for partial loan forgiveness if the outstanding principal of your CEBA loan, other than the amount available to be forgiven, is repaid on or before March 28, 2024 (provided that interest shall commence on January 19, 2024); and
  • If you do not repay your CEBA loan in time to receive partial loan forgiveness as described above, the deadline for repayment of the principal amount outstanding under your CEBA loan (together with any accrued and unpaid interest) is extended from December 31, 2025 to December 31, 2026.

For questions regarding CEBA loan forgiveness, please visit the CEBA program website at for more details and examples.


Visit the CEBA website here:

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